BEIJING : An unexpectedly weak run of Chinese economic data this month has raised the heat on policymakers to deliver more stimulus measures, but it also shows the limited effect more monetary easing and infrastructure spending can have.
But the latest figures also suggest that the stimulus would not have the desired impact as long as domestic and external demand remain subdued, especially as China pursues a policy of eradicating COVID-19 outbreaks as soon as they occur. A nearly 12 per cent drop in the yuan against the dollar so far this year could not prevent exports from contracting.
"The fourth quarter is usually a quiet time for loans and credits, but this set of data for October is just too soft," said Iris Pang, chief economist for Greater China at ING.
Source: Financial Digest (financialdigest.net)
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